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TetherUSDTUncommon
67/100STRICT
Uncommon
#3market cap15 Oct 2026

Tether

USDT
+4 points since the previous analysis(from 63)
Stablecoin, stable asset weightsMarket-cap rank 3, CoinGecko 23 Oct 2026
Fundamentals, not price

What changed. Transparency improved after KPMG US issued an unqualified audit opinion on Tether's 2025 financial statements in August 2026 alongside Q2 BDO attestations.

PillarRatingPosition on the 0 to 100 scaleWeightAdds
Sustainability80×0.2822.40
Transparency65×0.2415.60
Revenue85×0.086.80
Innovation50×0.084.00
Community85×0.1210.20
Tokenomics40×0.208.00
Weighted sum, weights total 1.0067.00Rounds to the published score67
Analysed
15 Oct 2026
Engine
v5.2.0
Computed
2026-10-15 05:23 UTC
Inputs hash
b4b7659c795e

Re-weight this coin in the Lab

Research, not financial advice. Read the terms.

Pillar evidence

Input set 15 Oct 2026. 8 sources, 11 citations.
Each arc is one pillar rating, drawn to scale from 0 to 100.
Sustainability80

Can this project keep operating and funding itself for years?

BDO's June 30, 2026 attestation reported $187.75 billion in assets against $183.64 billion in liabilities, leaving a $4.11 billion buffer. Treasury-led operations generated $1.50 billion in Q2 2026 operating profit.12

Transparency65

Can outsiders see and check what the team and the protocol do?

On August 13, 2026, KPMG US completed Tether's first full financial-statement audit for FY2025 with an unqualified opinion. Intra-year 2026 reporting still relies on quarterly BDO attestations.31

Revenue85

Does the protocol earn real fees or income from use?

Tether generated $1.04 billion in Q1 2026 net profit and $1.50 billion in Q2 2026 operating profit from US Treasury bills and repo agreements.1

Innovation50

Is the technology being built and shipped, and does it matter?

Tether launched a self-custodial multi-chain wallet with gas abstraction in April 2026. LayerZero-powered USDt0 also surpassed $70 billion in cross-chain transfers.45

Community85

Who uses, builds and holds it, and how durable is that base?

With $184.6 billion issued as of June 30, 2026, USDT holds over 60% of the global stablecoin market across Ethereum, TRON, and Layer 2 ecosystems.16

Tokenomics40

Do supply, issuance and unlocks protect holders from dilution?

USDT is a non-yielding dollar peg subject to centralized issuer blacklisting. Tether froze nearly $550 million in Iran-linked USDT during 2026 sanctions actions.78

Sources
  1. 1tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/Cited for Sustainability, Transparency, Revenue, Community
  2. 2tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/Cited for Sustainability
  3. 3tether.io/news/tether-completes-the-largest-inaugural-financial-audit-in-history/Cited for Transparency
  4. 4tether.io/news/tether-launches-tether-wallet-the-peoples-wallet-extending-its-global-financial-infrastructure-directly-to-billions-of-users-left-behind-by-the-traditional-financial-system/Cited for Innovation
  5. 5tether.io/news/tether-announces-strategic-investment-in-layerzero-labs-creator-of-the-interoperability-infrastructure-used-by-usdt0/Cited for Innovation
  6. 6etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7Cited for Community
  7. 7tether.io/news/tether-has-supported-nearly-550-million-in-iran-linked-usdt-freezes-as-u-s-expands-sanctions-campaign/Cited for Tokenomics
  8. 8ofac.treasury.gov/recent-actions/20260424Cited for Tokenomics

About Tether

Analysis of 15 Oct 2026

Tether issues USDT, a centralized dollar-pegged stablecoin that serves as the primary settlement and trading currency across global crypto markets. BDO's June 30, 2026 attestation reported $187.75 billion in total assets against $183.64 billion in liabilities, leaving a $4.11 billion excess reserve buffer.

Full overviewShow less

Second-quarter 2026 net operating profit reached $1.50 billion, driven by short-duration US Treasury bills and repurchase agreements. On August 13, 2026, Tether completed its first full financial-statement audit with KPMG US, receiving an unqualified opinion on its 2025 statements.

Holders still face centralized freeze authority, commodity reserve volatility across 146 tons of gold, and jurisdiction-specific regulatory rules.

Strengths
  • Completed Big Four audit. KPMG US issued an unqualified opinion on Tether's 2025 financial statements in August 2026, confirming $6.81 billion in excess reserves.
  • Attested Q2 reserve buffer. BDO's June 30, 2026 report verified $187.75 billion in assets against $183.64 billion in liabilities, leaving $4.11 billion in equity.
  • Substantial Treasury earnings. Short-duration US Treasury bills and repo facilities generated $1.50 billion in Q2 2026 net operating profit after $1.04 billion in Q1.
  • Dominant settlement liquidity. With roughly $184.6 billion issued by mid-2026, USDT anchors over 60% of stablecoin supply across Ethereum, TRON, and Layer 2 networks.
  • Cross-chain and wallet tooling. Tether launched a gas-abstracted self-custodial wallet in April 2026, while LayerZero-based USDt0 surpassed $70 billion in cross-chain transfers.
Risks
  • Non-cash reserve volatility. Holding more than 146 tons of gold alongside Bitcoin exposes the $4.11 billion Q2 2026 equity buffer to sharp market swings.
  • Unilateral freeze authority. Tether enforces law-enforcement blacklists on-chain, freezing roughly $550 million in Iran-linked USDT across 2026 sanctions actions.
  • Quarterly intra-year reporting. Despite the completed 2025 KPMG audit, 2026 balance-sheet updates still rely on quarterly BDO attestations rather than continuous verification.
  • Fragmented regulatory access. Offshore USDT faces restrictions under European and US frameworks, prompting Tether to introduce separate jurisdiction-specific products.
Competitive position

USDT commands over 60% of the global stablecoin market, serving as the default dollar rail across centralized exchanges, TRON remittance corridors, and Ethereum DeFi. Completing its inaugural KPMG US financial-statement audit in August 2026 narrowed the assurance gap with Circle's USDC.

Full positionShow less

Even so, Circle and newer US-regulated issuers compete on domestic banking integration and cash-only reserve compositions. Tether's allocation to gold, Bitcoin, and secured loans helped generate $1.50 billion in Q2 2026 operating profit.

However, those non-Treasury holdings introduce asset-price sensitivity that pure cash-and-bill rivals avoid.

Conclusion

USDT remains the dominant digital-dollar settlement instrument, backed by $187.75 billion in BDO-attested assets and a $4.11 billion reserve buffer at June 30, 2026. KPMG US's August 2026 unqualified audit of Tether's 2025 financial statements materially improved institutional assurance, while Q2 2026 operating profit reached $1.50 billion.

Full conclusionShow less

Tokenomics and risk remain constrained by centralized freeze controls, commodity reserve volatility, and uneven regulatory treatment across jurisdictions. As a dollar-pegged stablecoin, USDT carries no price targets or investment recommendation.

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